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作者：Dewally, Michael; Ederington, Louis H.; Fernando, Chitru S.
作者单位：University System of Maryland; Towson University; University of Oklahoma System; University of Oklahoma - Norman
摘要：Using proprietary energy futures position data, we provide evidence that mean hedger profits are negative whereas speculator (especially hedge fund) profits are positive, that traders (whether speculators or hedgers) who hold net positions opposite in sign to likely hedgers in aggregate have higher profits than traders whose net positions align with likely hedgers, and that profits on long positions vary inversely with inventories and directly with price volatility. These findings are consiste...
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作者：Detemple, Jerome; Rindisbacher, Marcel
作者单位：Boston University
摘要：This paper derives and analyzes dynamic timing strategies of a fund manager with private information. Endogenous timing strategies generated by various information structures and skills, and associated fund styles, are identified. Endogenous fund returns are characterized in the public information of an uninformed observer. Timing components are identified. The paper provides foundations for regression analyses of fund returns and tests of market timing.
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作者：Hori, Keiichi; Osano, Hiroshi
作者单位：Ritsumeikan University; Kyoto University
摘要：We explore a continuous-time agency model with double moral hazard. Using a venture capitalist (VC)-entrepreneur relationship where the VC both supplies costly effort and chooses the optimal timing of the initial public offering (IPO), we show that optimal IPO timing is earlier under double moral hazard than under single moral hazard. Our results also indicate that the manager's compensation tends to be paid earlier under double moral hazard. We derive several comparative static results, notab...
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作者：Lerner, Josh; Malmendier, Ulrike
作者单位：Harvard University; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：How do individuals decide to become entrepreneurs and learn to make optimal entrepreneurial decisions? The concentration of entrepreneurs in regions such as Silicon Valley has stimulated research and policy interest into the influence of peers, but the causal effect is hard to identify empirically. We exploit the exogenous assignment of students into business-school sections to identify the causal effect of entrepreneurial peers. We show that, in contrast to prior findings, a higher share of e...
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作者：Garmaise, Mark J.
摘要：A mortgage program that offered borrowers greater flexibility in the timing of repayments increased a bank's volume by over 35%. Loans in the program exhibited superior performance. Despite this, a regression discontinuity analysis shows that the causal impact of offering flexibility was to attract borrowers to the bank who experienced quadruple the average delinquency rate. These contrasting findings are driven by the fact that the bank engaged in ex post sorting of stronger borrowers into th...
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作者：Lins, Karl V.; Volpin, Paolo; Wagner, Hannes F.
作者单位：Utah System of Higher Education; University of Utah; University of London; London Business School; Bocconi University
摘要：We study whether and how family control affects valuation and corporate decisions during the 2008-2009 financial crisis using a sample of more than 8,500 firms from 35 countries. We find that family-controlled firms underperform significantly, they cut investment more relative to other firms, and these investment cuts are associated with greater underperformance. Further, we find that within family groups liquidity shocks are passed on through investment cuts across the group. Our evidence is ...
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作者：Huang, Sheng; Thakor, Anjan V.
作者单位：Singapore Management University; Washington University (WUSTL)
摘要：This paper develops and tests a new theoretical explanation for stock repurchases. Investors may disagree with the manager about the firm's investment projects. Arepurchase causes a change in the investor base as investors who are most likely to disagree with the manager tender their shares. Therefore, a firm is more likely to buy back shares when the level of investor-management agreement is lower, and agreement improves as a consequence. Moreover, dispersion of opinion among investors cannot...
